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Bitcoin Bull Rally in 2019 is Doubtful; Analyst Reports

Experts and Crypto Bulls in the industry have predicted that bitcoin will begin its bullish run in the near future. But a trading expert told MarketWatch on March 29 that the probability of Bitcoin [BTC] recovering to its former five-digit highs this year is almost zero.

2018 followed a bearish trend throughout the year and in November a huge sell-off saw the valuation of major cryptocurrency crash by double-digit percentages. The first generation cryptocurrency bitcoin dropped below $5,600 for the first time in the year 2018.

Options trading enable traders to bet on whether the price of cryptocurrency will reach a specific level. According to reports options trading have reportedly been gaining more popularity and grip in the cryptocurrency space.

A former JPMorgan Chase derivatives trader and founder of crypto data firm Skew, Emmanuel Goh, told MarketWatch that daily volume in the crypto options market has doubled since the beginning of 2019.

Goh shared, “We have a $10k September expiry, which is currently priced with a 5 delta.” This implies that, according to options traders, there is a five percent probability that Bitcoin will reach $10,000 by September.

Goh also highlighted that there is even a $20,000 call choice for June, but the probability of bitcoin [BTC] hitting that price is nil. The call option enables the holder to buy an asset at a set price by a specific time period but there is no commitment to do it.

He further added that the $20,000 call was probably a “bullish trade that was made last year when investors were still discussing the short-term possibility of making new highs.”

Despite the slow recovery from the “Crypto Winter,” some experts in the crypto space and traders believe their bullish predictions for the cryptocurrency.

Recently, Timothy Cook Draper, a venture capital investor and Crypto bull Tim Draper advocates Argentina’s president to legitimize the use of Bitcoin [BTC] to improve the current economic situations in the country.

According to the sources Tim had a meeting with Argentina’s president Mauricio Macri on March 22 ahead of a Fintech and Blockchain summit conducted by Argentine fund, Draper Cygnus. Tim even predicted bitcoin will reach $250,000 by the year 2022 and fiat money will be replaced by the bitcoin and other cryptocurrency in the next five years.

Recently, co-founder and CEO of cryptocurrency trading platform BitMEX, Arthur Hayes predicted that Bitcoin will return to $10,000 this year, and will reach $20,000 being the “ultimate recovery.”